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Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031 Exercise 32
Fielder Oil Company, a successful efforts company, has an unproved lease for which it
paid $150,000. The property was individually significant, and individual impairment of
$50,000 had been assessed. Make the journal entries to record Fielder Oil Company's
conveyance of 50% of the working interest in return for:
a. $10,000 cash
b. $160,000 cash
paid $150,000. The property was individually significant, and individual impairment of
$50,000 had been assessed. Make the journal entries to record Fielder Oil Company's
conveyance of 50% of the working interest in return for:
a. $10,000 cash
b. $160,000 cash
Explanation
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FOC a successful efforts company, has an...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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